Spot Bitcoin ETFs recorded $2.75 billion in inflows this week, as BTC rallied past its January highs to set a new all-time record of $111,970. That’s a nearly fivefold jump from last week’s $608 million inflow, Farside data shows—confirming that institutional appetite is surging again.
May 23 alone brought $211.7 million in net inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT), which pulled in $430.8 million. Meanwhile, Grayscale’s GBTC bled $89.2 million and ARKB from ARK 21Shares lost $73.9 million, highlighting a shift in investor preference.
Bitcoin’s upward momentum has come with market-wide optimism, but some caution is emerging. The Crypto Fear & Greed Index slid from 78 to 66 within a day, reflecting subdued sentiment as traders digest new price levels. Still, ETF flows suggest bullish momentum is intact.
With five trading days remaining in May, spot Bitcoin ETFs have already pulled in $5.39 billion—just shy of November’s $6.49 billion record.
On-chain signals continue to look favorable. CryptoQuant’s Crypto Dan notes that funding rates remain balanced, and short-term holders are not exiting aggressively. That indicates the rally is still healthy and not in overbought territory.
Matrixport’s report underscores the institutional nature of the current bull run. Unlike past cycles dominated by retail-driven FOMO, the current uptrend is powered by corporations seeking long-term exposure. Social buzz may be quieter, but the capital inflows are bigger—and more sustainable.
Strategy, Bitcoin’s largest corporate holder, is leading the way. With 204 institutions now holding BTC, including 11 newcomers this month, corporate interest is rising fast. Strategy’s planned $2.1 billion capital raise signals that the BTC buying spree is far from over.
